An orbital diagram for the asteroid shows it passing so close the labels for it and Earth overlap. Space is big—that's why it's called "space"—so in fact it will miss us by a decent margin.

diagram by NASA/JPL

We’re in no danger from this rock on this go-round, which is nice; it’s somewhat bigger than the one that exploded over Russia in 2013 so I prefer it keeps its distance. But you can watch the pass live using the Virtual Telescope Project, an observatory that will follow the asteroid and send images out on the Web. The picture at the top of this post was taken yesterday, March 4, 2014, when DX110 was still about 1.5 million km (900,000 miles) from Earth. It’s far too faint to see with the unaided eye even during this close encounter, so your best chance is to see it online.

Update, March 5, 2014 17:00 UTC: An asteroid called 2014 EC that was discovered only last night will pass the Earth just after midnight UTC tonight, sliding past us at a distance of just 56,000 km (35,000 miles) above Earth's surface! This rock is roughly 10 meters across—half the diameter of the Chelyabinsk asteroid. A miss is as good as a mile, as they say, but it shows that there are lots of these things passing us all the time. There's aren't more now than there were; we're just getting better at finding them. Thanks to Ron Baalke for the alert.

Correction, March 5, 2014 at 17:45 UTC: In the second update, I originally wrote that the chance of impact in 2025 was one in 2.7 million, but that is in fact a cumulative risk over several potential impacts over the years. The individual chance of an impact in 2025 is only one in 144 million, essentially 0. You can breathe even easier. Thanks to Ron Baalke again!